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Office of Management and Enterprise Services (OMES) - General Revenue Fund Collections End First Half of 2012 Fiscal Year on High Note
file:///Y|/News_Letters/Newsletters/Revenue%20Report%20OSF/2011-12%20General_Revenue_Fund_Collections_End_First_Half_of_2012_Fiscal_Year_on_High_Note.html[9/21/2012 10:01:34 AM]
Office of Management and
Enterprise Services (OMES)
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Home / News / General Revenue Fund Collections End First Half of 2012 Fiscal Year on High Note
News Release
PRESTON L. DOERFLINGER
Director and Secretary
of Finance and Revenue
MARY FALLIN
Governor
Jan. 10, 2011
For Immediate Release
Media Contact:
RON JENKINS
Public Information Officer
Oklahoma Office of State Finance
(405) 521-3267
General Revenue Fund Collections End First Half of 2012 Fiscal Year on High Note;
December Receipts Up 19.3 Percent
OKLAHOMA CITY – General Revenue Fund collections hit a high note to end 2011, recording double-digit growth in December
and for the first 6 months of the current fiscal year, Office of State Finance Director Preston Doerflinger announced Tuesday.
"We had the best two months of the 2012 fiscal year in November and December, putting an exclamation point on our
recovery from the Great Recession," Doerflinger said as he released the OSF's monthly General Revenue Fund report.
In December, total collections grew by 19.3 percent over the same month a year ago, while beating the official estimate by
16.6 percent.
That came on the heels of November's report showing growth of 22.6 percent and 18 percent, respectively, for that month
over November of the prior year and the estimate.
"As we look toward the second half of the fiscal year, it is unrealistic to expect that such dramatic increases in receipts will
continue on a month-to-month basis," said Doerflinger, secretary of finance in Gov. Mary Fallin's cabinet. "But all signs point
to our economy continuing to outperform other states in our region and the nation as a whole."
"A big reason for this," he continued, "has been the mini-boom in the oilfields, which has generated economic activity
throughout our economy and contributed to our growing manufacturing base.
"We’ve had a vigorous recovery so far and collections to the General Revenue Fund have exceeded the estimate for eight
months in a row, while topping prior year collections for 20 consecutive months. So, the future looks bright for Oklahoma, but
we still have concerns over global economic uncertainty."
Total collections to the General Revenue Fund through the first half of FY-2012 were $2,698.2 million. This amount was
$333.4 million and 14.1 percent above the first six months' collections for FY-2011 and $239.1 million, or 9.7 percent above
the total estimate for the same period of FY-2012.
In December, total collections for the General Revenue Fund were $542.4 million, an increase of $87.9 million from a year
ago. The amount collected in December was $77.4 million more than projected.
"The news that December 2011 revenue collections beat official estimates is a great way to start the new year," Gov. Fallin
said. "Increased revenues, combined with Oklahoma's job-growth rate—which ranks third in the nation—show that our pro-growth
policies are paying off.
"Despite the good news, though, we are continuing a steady climb out of a national recession that means we can expect a flat
budget for the next fiscal year. As we move forward, we should continue to pursue policies that save taxpayer dollars."
All major categories of revenue collections were up by double digits in Oklahoma in December, except sales taxes, which saw
an increase in growth of 5.7 percent over the same month last year, while coming in 0.4 percent below the estimate.
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Office of Management and Enterprise Services (OMES) - General Revenue Fund Collections End First Half of 2012 Fiscal Year on High Note
file:///Y|/News_Letters/Newsletters/Revenue%20Report%20OSF/2011-12%20General_Revenue_Fund_Collections_End_First_Half_of_2012_Fiscal_Year_on_High_Note.html[9/21/2012 10:01:34 AM]
Office of Management and
Enterprise Services (OMES)
Share | Print | Print
Home / News / General Revenue Fund Collections End First Half of 2012 Fiscal Year on High Note
News Release
PRESTON L. DOERFLINGER
Director and Secretary
of Finance and Revenue
MARY FALLIN
Governor
Jan. 10, 2011
For Immediate Release
Media Contact:
RON JENKINS
Public Information Officer
Oklahoma Office of State Finance
(405) 521-3267
General Revenue Fund Collections End First Half of 2012 Fiscal Year on High Note;
December Receipts Up 19.3 Percent
OKLAHOMA CITY – General Revenue Fund collections hit a high note to end 2011, recording double-digit growth in December
and for the first 6 months of the current fiscal year, Office of State Finance Director Preston Doerflinger announced Tuesday.
"We had the best two months of the 2012 fiscal year in November and December, putting an exclamation point on our
recovery from the Great Recession," Doerflinger said as he released the OSF's monthly General Revenue Fund report.
In December, total collections grew by 19.3 percent over the same month a year ago, while beating the official estimate by
16.6 percent.
That came on the heels of November's report showing growth of 22.6 percent and 18 percent, respectively, for that month
over November of the prior year and the estimate.
"As we look toward the second half of the fiscal year, it is unrealistic to expect that such dramatic increases in receipts will
continue on a month-to-month basis," said Doerflinger, secretary of finance in Gov. Mary Fallin's cabinet. "But all signs point
to our economy continuing to outperform other states in our region and the nation as a whole."
"A big reason for this," he continued, "has been the mini-boom in the oilfields, which has generated economic activity
throughout our economy and contributed to our growing manufacturing base.
"We’ve had a vigorous recovery so far and collections to the General Revenue Fund have exceeded the estimate for eight
months in a row, while topping prior year collections for 20 consecutive months. So, the future looks bright for Oklahoma, but
we still have concerns over global economic uncertainty."
Total collections to the General Revenue Fund through the first half of FY-2012 were $2,698.2 million. This amount was
$333.4 million and 14.1 percent above the first six months' collections for FY-2011 and $239.1 million, or 9.7 percent above
the total estimate for the same period of FY-2012.
In December, total collections for the General Revenue Fund were $542.4 million, an increase of $87.9 million from a year
ago. The amount collected in December was $77.4 million more than projected.
"The news that December 2011 revenue collections beat official estimates is a great way to start the new year," Gov. Fallin
said. "Increased revenues, combined with Oklahoma's job-growth rate—which ranks third in the nation—show that our pro-growth
policies are paying off.
"Despite the good news, though, we are continuing a steady climb out of a national recession that means we can expect a flat
budget for the next fiscal year. As we move forward, we should continue to pursue policies that save taxpayer dollars."
All major categories of revenue collections were up by double digits in Oklahoma in December, except sales taxes, which saw
an increase in growth of 5.7 percent over the same month last year, while coming in 0.4 percent below the estimate.
FAQs Contact OMES-Alerts OMES & CORE Calendar RSS Feeds
CIO Comptroller &
Budget
Employees &
Benefits
Central Purchasing Capital Assets
Management
Forms